Insurer threatens to leave rather than comply with new rules
Legal & General may move outside the EU to avoid Solvency II rules that would force it to keep more capital in reserve, the Sunday Telegraph reports.
The Association of British Insurers said it would work hard to alter the proposed rules to make it easier for insurers.
One of the UK's oldest insurance companies is exploring the option of relocating its corporate headquarters abroad to avoid the impact of a new set of European regulatory measures.
An ABI spokesman, said that the directive "must be changed to a form that is right for the UK insurance market, to ensure it doesn't get to that stage".
